Demand Management and Forecasting in Business
Looking into the future is a conundrum: it is both necessary and impossible to do with complete accuracy. From knowing what the weather will be like tomorrow to trying to decide what the stock market will do, forecasting is an activity that consumes a considerable amount of our attention because it impacts our lives so directly.
QUESTION:
How important is forecasting to planning and decision making for a business?
Analyze the various techniques of forecasting and explain which would be appropriate or inappropriate to (a) a manufacturing enterprise, and (b) a service provider. Conclude your Discussion by identifying a model of demand management that would be well-suited to the retail food industry.